People are predictable. Yes, it’s true. We are all creatures of habit and although that might make us sound a little boring, our predictability is a marketer’s dream. Especially when it comes to targeting campaigns.
Tracking people’s app-based spending habits is a great way to know what they will buy next, telling marketers who they need to aim their marketing efforts at and when.
This tactic is called Purchase Behavior Targeting and is the secret to campa igns with higher conversions rates and increased revenue.
Purchase Behavior Targeting has been offered by other providers such as Facebook for years, but with only first party data from which to draw insights, the targeting was limited.
Access to third party data amplifies the power of Purchase Behavior Targeting, allowing for more reliable insights and this is exactly what we offer through Bango Audiences.
Built on data from our payments platform, we analyze $bns of consumer spending across major app providers. This data offers valuable insight into the purchase behaviors of millions of users, providing marketers the information they need to accurately target campaigns towards the right audiences at the right time.
For example, our payments data showed that during the pandemic spending on fitness apps increased by 58%, as people turned to alternative methods to keep fit while the gyms were closed.
The data also showed that general spending dipped by 12% in December, only to spike by 50% in January as people looked to burn off the Christmas calories. We even know that consumers who download fitness apps spend on average $29 on them each year.
These insights allow marketers to target items like fitness equipment, running shoes, cycles, weights and clothing at people they know are already spending money on fitness apps and are therefore more likely to purchase related products.
But it’s not just fitness. Bango has custom audiences to target campaigns built from purchase behavior for gaming, education, music, entertainment, travel and so much more to inform Purchase Behavior Targeting across a number of industries.
For example, we can tell you that the most popular app category in 2020 was e-books and reference, with a 171% increase in purchases over the year. This was closely followed by education, which saw a 102% increase in spending as home schooling became the norm.
Using these insights to inform targeting takes the guesswork out of marketing.
It’s not enough to target campaigns towards people who have ‘liked’ a fitness influencer on social media. For real success, that has a definitive impact on the bottom line, marketers need to target products towards people they know are already investing in their fitness. It’s a simple as that.
Ultimately, marketing only proves itself when people purchase your product. Bango Audiences give marketers the insights they need to target products towards those most willing to pay for them.